On Friday, Canada’s oldest retailer, the Hudson’s Bay Company, revealed it had filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA). The company got hit hard by the COVID-19 crisis and hasn’t bounced back as expected.
Court papers show Hudson’s Bay employs 9,634 people across its business. That includes 96 stores – not just Hudson’s Bay locations but also Saks Fifth Avenue and Saks OFF 5TH – spread out over seven provinces.
As we mentioned on Friday, the company is currently carrying $1.129 billion in debt as of March 7. This includes $724.4 million in mortgages linked to some of its real estate assets.
After receiving creditor protection on March 7 with a typical initial 10-day safeguard period, the company is set to go back to court on March 17 with more info on their restructuring plan. But there are already clues about what that might involve.
In an affidavit submitted with their CCAA application, Jennifer Bewley, Hudson’s Bay Company’s CFO based in New York, said they plan to sell some stores.
“The Companies intend to conduct an orderly liquidation with respect to certain retail stores,” Bewley stated. “The Applicants intend to seek Court approval for a process to conduct an orderly liquidation in a manner that is fair and reasonable for the Applicants, landlords, and other stakeholders.”
Bewley also suggested they might do something similar with some leases.
“Hudson’s Bay has various leases which have value as the rents are below-market,” she said. “The Applicants intend to seek Court approval for a process to market such leases in a manner that is fair and reasonable for the Applicants, landlords, and other stakeholders.”
With that said, here’s a full rundown of all 96 Hudson’s Bay Company stores across Canada along with their landlords and mortgage info. All these operate under the Hudson’s Bay brand unless noted otherwise; all locations are leased unless specified differently.
The Stores
Ontario (41)
Eglinton Square, Scarborough / KS Eglinton Square Inc. Fairview Mall, North York / CF/Realty Holdings Inc. and FVM Property Inc. Centerpoint Mall, North York / Revenue Properties Company Limited Bramalea City Centre, Brampton / Morguard Corporation and Bramalea City Centre Equities Inc. Woodbine Centre, Etobicoke / Woodbine Mall Holdings Inc. Erin Mills Town Centre, Mississauga / EMTC Holdings Inc. Oshawa Shopping Centre, Oshawa / Oshawa Centre Portfolio Inc. Masonville Place, London / CF/Realty Holdings Inc. Upper Canada Mall, Newmarket / Oxford Properties Retail Holdings II Inc. and CPPIB Upper Canada Mall Inc. Markville Shopping Centre , Markham / CF Markville Mall Rec Inc. Pickering Town Centre , Pickering / PTC Ownership LPMapleview Centre , Burlington / Ivanhoe Cambridge II Inc. and Canapen (Halton) Ltd. White Oaks Mall , London / White Oaks Shopping Centre Inc. Fairview Park Mall , Kitchener / Fairview Park (Kitchener) Limited Partnership Sherway Gardens , Etobicoke / The Cadillac Fairview Corporation Limited Hillcrest Mall , Richmond Hill / Montez Hillcrest Inc. and Hillcrest Holdings Inc. Limeridge Mall , Hamilton / Ontrea Inc Pen Centre , St. Catharines / OPB Realty Inc. Conestoga Mall , Waterloo / Conestoga Mall Holdings Inc. Cambridge Centre , Cambridge / Morguard Real Estate Investment Trust Place d’Orleans Shopping Centre , Orleans / Place D’Orleans Holdings Inc St. Laurent Shopping Centre , Ottawa/713949 Ontario Limited Bayshore Shopping Centre , Ottawa/KS Bayshore Inc. Cataraqui Town Centre Kingston/Cataraqui Holdings Inc176 Yonge St., Toronto/Ontrea Inc. Square One Mississauga/OMERS Realty Management Corp. and Square One Property Corporation(Co-Leasedwith Rio Can)Scarborough Town Centre Scarborough/Scarborough Town Centre Holdings Inc.(Co-Leasedwith Rio Can)Yorkdale North York/Yorkdale Shopping Centre Holdings Inc.(Co-Leasedwith Rio Can)Devonshire Mall Windsor(Co-Ownedwith Rio Can)Downtown Ottawa Store Ottawa(Co-Ownedwith Rio Can)Georgian Mall Barrie(Co-Ownedwith Rio Can)Oakville Place Oakville(Co-Ownedwith Rio Can)Sherway Gardens Shopping Centre Etobicoke/The Cadillac Fairview Corporation Limited(Saks Fifth Avenue)Eaton Centre Toronto/Ontrea Inc.(Saks Fifth Avenue)Tanger Outlets Ottawa/Riocan Holdings(TJV)Inc. and1633272Alberta ULC(Saks OFF5TH)Outlet Collectionat Niagara Niagara/The Outlet Collection(Niagara)Ltd(Saks OFF5TH)Vaughan Mills Vaughan/Ivanhoe Cambridge IIInc. and TRE2Non-USBigfoot Corp.(Saks OFF5TH)Toronto Premium Outlets Halton Hills/Halton Hills Shopping Centre Partnership(Saks OFF5TH)Sherway Etobicoke/Horner Developments Ltd. and Mantella&Sons Investments Ltd.(Saks OFF5TH)Downtown Ottawa Ottawa/Rio Can-HBCLimited Partnership(Saks OFF5TH)Pickering Town Centre Pickering/PTCOwnership LP(Saks OFF5TH)
British Columbia (18)
Village Green Mall, Vernon/OPTrust Retail Inc Aberdeen Mall, Kamloops/Aberdeen Kamloops Mall Limited Willowbrook Mall, Langley/2725312Canada Inc. and 2973758Canada Inc. and Willowbrook Langley Holdings Inc. Mayfair Shopping Centre, Victoria/Central Walk Mayfair Shopping Centre Inc. Parkwood Place, Prince George/Loon Properties(Prince George) Inc. Richmond Centre, Richmond/RCCOMLPand AIMCo Realty Investors LPWoodgrove Centre, Nanaimo/Central Walk Woodgrove Shopping Centre Inc. Orchard Park Shopping Centre, Kelowna/Orchard Park Shopping Centre Holdings Inc. Metrotown, Burnaby/Ivanhoe Cambridge IIInc. and Ivanhoe Cambridge Inc. The Bay Centre Victoria/TBCNominee Inc. Guildford Town Centresurrey/Guildford Towncentre Limited Partnershipand Lasalle Canada Core Real Property LPCherry Lane Shoppingcentre, Penticton/Cherry Lane Shoppingcentre Holding Ltd. Park Royalshoppingcentre West Vancouver/Park Royalshoppingcentre Holding Ltd. Sevenoaksshoppingcentre Abbotsford585562BCLtd. Coquitlamcentercoquitlam/pensionfundrealtylimiteddowntownvancouverstorevancouver(co-ownedwithriocan), tsawwassenmillstsawwassencentralwalktsawwassenmillsinc(saksoffth), parkroyalshoppingcentrewestvancouverparkroyalshoppingcentreholdinginc(saksoffth)
Alberta (16)
Bower Place Reddeer/bc IMCRealty Corporationandbowerplaceholdingsincsouthgateshoppingcentreedmonton/imcorealestateholdingssouthgateincandsouthgatecentreholdingsinclondonderrymalledmonton/londonderryshoppingcentreinc. medicinehatmallmedicinehatmedicinehatmallinc. chinookcentrecalgaryontreainc. marketmallcalgarymarketmallleaseholdsinc. stalbertshoppingcentreedmonton/stalbertcentreholdingsinc. westedmontonmalledmonton/westedmontonmallpropertyinclethbridgecentremalllethbridge/melcorreitlimitedpartnershipsunridgemallcalgary/sunridgemallholdingsincsouthcentremallcalgaryoxfordpropertiesretailholdingsinckingswaygardenmalledmonton/kingswaygardenholdingsinc. downtowncalgarystorecalgary(co-ownedwithriocan). chinookcentrecalgaryontreainc(saksfifthavenue). crossironmillsrockyview/crossironmillsholdingsincsakoffth). skyviewpowercentreedmontonskyviewequities. incandspgreenpropertieslp(saksoffth)Quebec (14)
Centre Laval Laval/cominar REIT/homburgtrust(186). centrerocklandmontréal/cominarrealestateinvestmenttrust. fairviewpointclairepointclaire/fairviewpoint-claireleaseholds. inc. lesgaleriesdanjoumontreal/i Vanhoecambridgeinc-anjoucarrefourdelestriesherbrooke/centerdelestrie. inclespromenadesgatineaugatineau. lespromenadesgatineauholding. inc. placerosemere. shoppingcentrerosemere/place. rosemere. inclesgaleriesdelacapitalequebeccity/galleryscapitale. lp. champlainmallbrossard9015086canadainc. carrefourangrignonlasalle/carrefourrichelieurealtiesltd. carrefourlaval/lacarrefourlavalrec. inc. co-leased. withriocan. lespromenadesstbrunostbruno/ontraeainco. leaspromenadesstbruno. co-leased. withriocan. downtownmontrealstoremontreal(co-owned. withriocan). placestefoyquebeccity/i Vanhoestefoy. inc(saksoffth)Manitoba (3)
St. Vital. Shopping. Centre. Winnipeg. OPB. Realty. Inc. Polo. Park. Shopping. Centre. Winnipeg. Ontrea. Inc. Outlett. Collection. Winnipeg. Winnipeg. The Outlet Collection At Winnipeg. Limited. And. Seasons. Retail. Corp. SaksoffthSaskatchewan(2)
Midtown Plaza, Saskatoon/Midtown Plaza. Inc., As. General Partner Or Mplpcornwall Center Regina/Cornwall Center. Inc.Nova Scotia(2)
Mic Mac Mall, Dartmouth/Mic Mac Limited. Partnership Mayflower Mall, Sydney/Nsahopp Mayflower. Incand Hoopprealty. Inc.A breakdown of stores in Canada operated by the Hudson’s Bay Company by brand name and location.
Besides retail locations, Hudson’s Bayalsoleasesthefollowingfourdistribution centersacrossthecountry. Theyandtheirlandlordsare:
Vancouver Logistics Center, Richmond BC/Piret(18111Blundell Road) Holdings Inci. Scarborough Logistics Center. Scarborough ON./100Metropolitan Portfolio. Inceastern Big Ticket Center. Toronto ON./Ontari. Holdlings Ltd. Toronto. Logistics. Center. Toronto. ON. BCIMC. Realty. CorporationThe Mortgages
Out of all 96 HBC stores, sevenare co-owned alongside Rio Can REIT(TSX: REI. UN), based in Toronto, in ajoint venture. These joint ventures fully own five properties, and share equal ownership(50%)of twomore-with Rio Can owning theremaining half. Several properties carry mortgages totaling $724 million plus change. Here’sthefulllistfrom biggest tomostminor.
Downtown Vancouver – $202 million
Hudson’s Baybiggest mortgageisattachedtoits flagshipstoreat674Granville Street. Dated May24 2022, it matures April30 2025. A lending syndicate including HSBC Bank Canada(acquiredby RBC last year), Canadian Western Bank United Overseas Bank, and Industrial & Commercial Bank of China hold this first-ranking mortgage. Hudson’s Bay had plansfor thissite early2022, but those haven’t moved forward.
Downtown Montreal – $148million approx.
The second-largest mortgage relates totheir store at585Saint Catherine Street West, Mtl. Accordingtotheaffidavit from CFO, the propertyhas been hypothecated-used as collateral-to RBCforfirst-priority financing originally valuedat$161 million. Loan dated October32022, matures October2025.
Downtown Calgary – $105million
Third-largest mortgage coversthejointventurestore at2008Ave SW Calgaryplushead leaseholds at Carrefour Laval & Les Promenades St Bruno Quebec. All served ascollateralto BMO who later signedcredit agreement February212025 with CIBC, Bankof China, SBI Canadian Bank, and HB Pension Plan. First-rankingmortgage dated May312024, matures August2025.
Georgian mall – approx.$78 million split($54mil+$24mil)
The Georgian mall Barrie ON sharedownership between Rio CAN-HBC JV50%. A$110million firstmortgage held by Desjardins dated Feb12notedbut no maturity disclosed. Also tied toa$24milsecondmortgageheldby RC Holdigs IILPRio CAN affiliate, due Feb122029.
Yorkdale – $75 million
The JV head lease interest within Yorkdale Shopping centre North York chargedto RBC via first mortgageworth$75million. Dated Jan26 2024 matured Jan27Also, a Rio CAN affiliate holdsfreeholdinterest downtown Mtl propertyassecondarysecurityrelatingtosame Mortgage.
Downtown Ottawa – about$71mil ($55 mil + $16 mil) Two mortgages attachedto store at73 Rideau Street Ottawa. First for$56milheldby Desjardinsdated Oct32024 maturing Oct32029. Second,$16milledby Riocan& RCHoldgs IIDated Oct32024 maturing Oct32029. Oakville Place-around$43 mil This one linksto Oakville Place shopping centre owned jointly50%between Rio CAN-HBC JV. AFirst Mortgage worth87 mil held TD Bank &Canada Life June142021 matures Aug25. Joint venturecharged50%ownership secondary securityvia Rio CAN affiliate supporting guarantee related Yorkdalestore.
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